On July 29, the Hong Kong Monetary Authority (HKMA) unveiled a series of regulatory documents tailored for stablecoin issuers, scheduled to take effect from August 1. At the heart of these measures lies the "Regulatory Guidelines for Licensed Stablecoin Issuers." Notably, the "Summary of the Licensing Regime for Stablecoin Issuers" serves as a pivotal guide for applicants during the initial stages. The HKMA encourages potential applicants to establish contact with the regulator prior to August 31, while fully prepared applicants are urged to submit their applications by September 30. Given the limited number of licenses available in the first batch, which are anticipated to be granted by year-end, it is advisable to keep a close watch on two main fronts: issuers poised to secure these initial licenses and platforms actively engaged in developing usage scenarios for stablecoins.